Fibonacci Retracements Analysis 31.03.2021 (GBPUSD, EURJPY)

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, the situation hasn’t changed much. GBPUSD is forming a new descending wave to break 38.2% fibo at 1.3643 and then continue falling toward 50.0% fibo at 1.3457. A breakout of the high at 1.4241 will result in a further uptrend towards the long-term fractal high at 1.4376.

As we can see in the H1 chart, a local divergence on MACD made the pair complete the ascending correction at 50.0% fibo and reverse. At the moment, the asset is heading to break the previous low at 1.3670 and may later continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.3602 and 1.3561 respectively. on the other hand, a breakout of the local resistance at 1.3847 may lead to a further uptrend to attack the mid-term resistance at 1.4001.

EURJPY, “Euro vs. Japanese Yen”

The H4 chart shows that a divergence on MACD made the pair rebound from 23.6% fibo after reaching it and start a new rising wave towards 130.66, a breakout of which may lead to a further uptrend to reach the long-term 76.0% fibo at 131.95. However, an alternative scenario implies that EURJPY may rebound from the high and start a new decline. In this case, the downside target may be 38.2%, 50.0%, and 61.8% fibo at 127.20, 126.14, and 125.08 respectively.

In the H1 chart, after breaking 61.8% fibo, the par is steadily growing to reach the next target at 76.0% fibo (130.09). Still, a divergence on MACD hints at a reversal and a new decline towards the local low at 128.29.

Article By RoboForex.com

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